Half-year revenues at City firm Lovells remained roughly static for the first half of the financial year, the firm reported today.
Revenues stood at £259m for the six months to 31 October this year, down slightly from £260m for the same period in 2008/09.
For the year to 30 April 2009, Lovells reported an 11% rise in turnover to £531m, from £479m for the same period in 2007/08, while profits per equity partner slumped 11% from £661,000 to £585,000.
Lovells is currently in talks with US firm Hogan & Hartson regarding a merger. The merged firm would be among the 10 biggest in the world, numbering 2,500 lawyers in 40 offices and with combined revenues of more than £1.1bn.
Managing partner David Harris said of the half-year results: ‘This is a respectable result compared to the market. Across the regions, Asia and the Middle East have seen some slowdown, although the position varies from market to market. The effects of the downturn are still evident in continental Europe and London, with some improvement in certain areas. The US has performed broadly in line with last year.
‘Across our practice streams we have seen good activity levels in dispute resolution and finance. Business restructuring and insolvency in particular has seen excellent growth. In commerce, employment and IP have put in a very strong performance. In corporate, the transactional practice continues to experience the effects of the downturn, but we have seen deals in certain industry sectors and a number of high-profile transactions.’